Business
Riverside Resources Inc. Closes $2.8 Million Private Placement
THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER
About this update from Riverside Resources Inc
[{"type":"text","content":" THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (\"Riverside\" or the \"Company\") (TSX-V: RRI) is pleased to announce it has closed its previously announced private placement. The placement was over-subscribed and the Company issued 17,488,875 units at a price of $0.16 per unit for gross proceeds of $2,798,220 instead of the 9,375,000 units ($1,500,000) originally contemplated. Each unit consists of one common share and one whole common share purchase warrant (“Unit”). Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.22 (“Warrant”). If, at any time after July 20, 2019, the closing price of the common shares on the TSX Venture Exchange (“TSX-V”) trades at a VWAP equal or greater than $0.45 for 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release announcing the new expiry date whereupon the Warrants will expire on the 30th trading day after the date on which such press release is disseminated. Management and insiders subscribed for 845,000 Units for $135,200 in total proceeds to the Company. With respect to a portion of the funds raised in the private placement, the Company paid finders’ fees of $87,312 to Sprott Global Resource Investments Ltd., $20,076.80 and 12,000 Units to Haywood Securities Inc., 16,000 Units to Canaccord Genuity, and $1,280 to PI Financial Corp. All securities issued pursuant to the private placement and as finders’ fees will be subject to a four-month hold period expiring on July 20, 2019. The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project acquisitions and further target refinement on existing projects to advance towards new partnerships. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or an applicable exemp...